leadf
logo-loader
viewLiberty Tax Inc

Liberty Tax chairman to step down and sell his stake in the company

Chairman John Hewitt was ousted as CEO last year after allegations of sexual misconduct

Liberty Tax storefront logo
The tax preparation company has also received a delinquency letter from the Nasdaq for a late filing

Liberty Tax Inc (NASDAQ:TAX) chairman John Hewitt is set to depart from the company he founded more than 20 years ago.

The former CEO announced his resignation and has agreed to sell all of his shares of the tax-service company.

Hewitt was fired from his CEO position last year after an internal review into allegations of inappropriate sexual conduct, according to a report by The Virginian Pilot.

A lawsuit from a group of shareholders followed when Hewitt allegedly did not want to give up control of the company after the review.

His shares will be sold to Vintage Capital Management LLC, an Orlando-based investment firm.

The tax preparation company has also received a delinquency letter from the Nasdaq after failing to file its annual report for the fiscal year ended April 30 in a timely fashion, according to its press release.

The Nasdaq Hearings Panel will convene to determine whether the company will remain listed on the exchange.

Shares of Liberty Tax were up nearly 25% to US$10.50 in Tuesday afternoon trading.

Quick facts: Liberty Tax Inc

Price: - -

NASDAQ:TAX
Market: NASDAQ
Market Cap: -
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

FOR OUR FULL DISCLAIMER CLICK HERE

FenixOro Gold continues aggressive drill program at their Abriaqui Project...

FenixOro Gold (CSE: FENX-OTCQB: FDVXF) CEO John Carlesso joined Steve Darling from Proactive to bring details about their drilling program that is ongoing at their gold silver and copper project in Colombia. That project is called Abriaqui and sits along a very mineralized belt. Carlesso...

4 hours, 37 minutes ago

2 min read